BILL'S ANSWER
The answer to this question depends on the lender who is reporting the information to the credit bureaus.
I can tell you, the typical credit reporting cycle is 90 days, or quarterly. There's quite a bit of information on credit reporting and credit reports at Bills.com.
Many of the larger banks and finance companies report updated information to the credit bureaus every month. However, some smaller financiers only report on a quarterly basis. Depending on the lender, it could take as long as several months for updated account information to appear on your credit reports. If a particular account that you have resolved is causing your problems with your credit score, you can dispute the listing with the credit bureaus, which can speed up the reporting process. The credit report dispute process is important to understand because credit reports are notoriously inaccurate, and creditors are often very slow to report current and accurate account information. Each of the three credit bureaus (Experian, Equifax, and TransUnion) allow consumers to dispute credit report listing online; you can access each of the credit bureaus online through AnnualCreditReport.com where you can also request a free copy of your report from each company. The Federal Trade Commission also offers a guide to disputing items on your credit reports, available at FTC Credit Advice.
Be sure to check out other Credit Solutions.
I hope this information helps you solve any problems you are having with the credit bureaus, and helps you Find. Learn. Save.
Best,
Bill
www.bills.com
January 26, 2009
January 24, 2009
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